hi
Plz tel the liabilities of active, sleeping and nominal partner
Mitali Agarwal
(Company Secretary)
(638 Points)
Replied 15 February 2010
In a partnership firm (provided it is not LLP), there is unlimited liability of partners for the debts and liabilities of the firm. Any partner can bind the firm and the firm is liable for all liabilities incurred by any firm on behalf of the firm. If property of partnership firm is insufficient to meet liabilities, personal property of any partner can be attached to pay the debts of the firm.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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